Spanish Second Division Side Eibar Selling 36,900 Shares, Must Raise $2.5M By August

Spanish second division side Eibar's board approved the sale of 36,900 shares in the club at a cost of €60.10 ($83.03) per share, according to Aritz Arce of AS. If the club is "able to sell all the shares, it will raise more than" €2M ($2.8M). Those "who will receive first access to the shares are current club shareholders." In May, the remaining "shares will become available to anyone." The "period will end July 24 and if the club has not raised" €1.7M ($2.4M) by that time, it will be "forced to be relegated" for not meeting the minimum budget required by law. Eibar President Álex Aranzabal said, "As unjust as this might be, we have to take it forward" (AS, 4/9).